Desire Petroleum (LSE:DES)
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RNS Number : 0105D
Desire Petroleum PLC
10 May 2012
For Immediate Release 10 May 2012
Desire Petroleum plc
("Desire" or the "Company")
Economic Assessment of Contingent Resources
Desire Petroleum plc (AIM:DES), the exploration company wholly focused on the North Falkland Basin, is pleased to provide an update on the economic assessment of the contingent resources established by the 14/15-4a discovery. These are based on a high-level development concept and economic review by Senergy (GB) Limited.
Desire share of Sea Lion (unrisked) at $85/bbl (NPV 10%) is estimated at $173 million
-- Assuming Desire share of Sea Lion unit is 4%
-- Assuming 320 MMstb full-field case
Desire share of adjacent discoveries (unrisked) at 85$/bbl (NPV 10%) is estimated at $727 million
-- Assuming Casper and Casper South (Shona) development
-- Based on net Desire 2C resources from Senergy April 2012 CPR update
Desire is currently evaluating the new 3D seismic data and when this is complete later in the year, a full CPR update will be published based on all prospects and discoveries. Initial indications for new prospectivity in the East Flank play fairway are encouraging, with confirmation of the potential of the Elaine fan and a major new fan system identified (Isobel). This confirms our view that there remains significant exploration potential in the basin. A technical and financial update presentation is available on the website on www.desireplc.co.uk.
This statement has been approved by Mr Ken Black, Exploration Director of Desire Petroleum plc, who is a member of the Petroleum Exploration Society of Great Britain, with over 30 years experience in petroleum exploration and management, who is a Qualified Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies.
This statement has been approved by Senergy (GB) Limited.
For further information please contact:
Desire Petroleum plc 020 7436 0423
Stephen Phipps, Chairman
Dr Ian Duncan, Chief Executive Officer
Seymour Pierce Limited 020 7107 8000
Jonathan Wright/Stewart Dickson, Corporate Finance
Richard Redmayne/Paul Jewell, Corporate Broking
Buchanan 020 7466 5000
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